sp'daily5
VIX'daily3
Summary
US equities opened a little weak, but the bears could only manage moderate declines to 2775. There was a rally into the early afternoon, with a touch of renewed weakness into the close. Volatility saw the 16s, but then resumed melt mode, and settling -3.1% at 14.70.
QT to be cut to zero
Powell effectively confirmed today, that the balance sheet reduction program, aka Quantitative tightening (QT), will be cut to zero before year end.
The end of QT is over a year ahead of schedule, as initially outlined last Sept/October. A rate cut will then be next, and that will merit as the ultimate equity sell signal... as it was in Sept'2007.
I am open to the more bullish scenario of new index historic highs, before QT ends, and the subsequent rate cut. The Thursday/end month settlement will be very important.
-
 |
| Another exceptionally warm day in the London metropolis |
--
Extra charts in AH (usually around 7pm EST) @ https://twitter.com/permabear_uk
Goodnight from London
--
If you value my work, subscribe to my intraday service.
For details and the latest offers, see: permabeardoomster.com
